NMDPRA Pushes West Africa Fuel Benchmark to Curb Europe-Driven Price Shocks
Updated
Updated · Business Post Nigeria · Aug 13
NMDPRA Pushes West Africa Fuel Benchmark to Curb Europe-Driven Price Shocks
3 articles · Updated · Business Post Nigeria · Aug 13
Summary
NMDPRA said West Africa should build its own petroleum price benchmark so fuel prices are not automatically driven by disruptions in Western Europe and the Mediterranean.
Rabiu Umar told an Abuja industry conference the goal is a pricing system based on regional supply, demand, inventories, logistics, refining and trading conditions—not isolation from global markets.
The regulator said execution now depends on financing, more refinery capacity, stronger storage and transport links, harmonised standards and transparent market data to support credible price discovery.
Different fuel specifications across neighbouring countries still hinder cross-border trade, underscoring Nigeria's wider push for stronger regional integration and more transparent downstream pricing.